Get in early, plan ahead – Tax time is here!
Is it time to review your business tools? Replace the old and problematic tools?
Say hi to winter and you know another tax time is just around the corner for current financial year ending on 30th June 2019. Means all your business income and expenses will be up for a review to work out your tax payable or refund.
One major questions which always sticks out is ‘’what can I claim or deduct’’?
Here is a quick video to that question.
Tax deductions are available for most business and work expenses. You can reduce the tax you pay by claiming certain deductions that are directly related to earning your business income and can be further reduced if you are eligible for certain tax offset.
One major tax claim that is being talked about and is most beneficial to small businesses is Instant Asset Write-off.
Over the years government has generously increased the amount of instant write offs available to small business. The latest $30000 deduction applies from 7.30pm 2nd April 2019 to 30th June 2020.
This means business purchases from now till 30th June 2019, will be deductible this financial year and any purchases made after 1st July 2019 will be deductible next financial year June 2020.
Yes that is a bit of wait for the claim if you buy after the financial year, so why not consult your tax accountant NOW for full eligibility and get your purchases in before the 30th June 19. Visit the Australian Taxation Office website.
Write off threshold applies to all types of depreciable assets such as tradesmen’s tools, machinery, motor vehicles, storage sheds, furniture and equipment used in the business that has a limited effective life and will decline in value over the period of use.
To SAVE MORE and start claiming the instant asses write-off for this financial year, take a look at some awesome deals of tools and accessories from Pro Deals.